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The Latest SPAC News and Rumors: May 24, 2022


The Latest SPAC News and Rumors: May 24, 2022


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Asia Innovations in talks to merge with E.Merge Technology and Alvotech announces positive results from clinical study for AVT04

Parent of Social Platform Uplive is Discussing Deal With E.Merge SPAC

Asia Innovations Group Ltd., the startup that operates social platform Uplive, is in talks to go public through a merger with E.Merge Technology Acquisition Corp. (NASDAQ:ETACU).

Any transaction is set to value the combined company at more than $2 billion. E.Merge is poised to begin formally canvassing PIPE investors for capital to support the transaction. Its company’s revenue more than doubled in 2021 to about $300 million.


Alvotech Clinical Study Results Demonstrate Therapeutic Equivalence Between Biosimilar Candidate AVT04 and Reference Product Stelara

Alvotech Holdings S.A., a global biotech company focused solely on the development and manufacture of biosimilar medicines for patients worldwide, today announced positive results from a confirmatory clinical study for AVT04, Alvotech’s proposed biosimilar to Stelara®. Alvotech is the second company to announce positive results from a patient study utilizing a biosimilar candidate to Stelara®. Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is the exclusive strategic partner for the commercialization of AVT04 in the United States. STADA is the company’s exclusive strategic partner for AVT04 for the European market.

On December 7, 2021, Alvotech and Oaktree Acquisition Corp. II (NYSE: OACB), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P., announced they had entered into a definitive business combination agreement.